Safehold Inc. (NYSE:SAFE) Q3 2024 Earnings Conference Call October 29, 2024 9:00 AM ET

Company Participants

Pearse Hoffmann - SVP, Capital Markets and IR
Jay Sugarman - Chairman and CEO
Brett Asnas - CFO
Tim Doherty - CIO

Conference Call Participants

Stephen Laws - Raymond James
Mitch Germain - Citizens JMP
Caitlin Burrows - Goldman Sachs
Haendel St. Juste - Mizuho
Ronald Kamdem - Morgan Stanley
Anthony Paolone - JPMorgan
Ki Bin Kim - Truist

Operator

Good morning and welcome to Safehold’s Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today’s conference is being recorded.

At this time, for opening remarks and introductions, I would like to turn the conference over to Pearse Hoffmann, Senior Vice President of Capital Markets and Investor Relations. Please go ahead, sir.

Pearse Hoffmann

Good morning everyone and thank you for joining us today for Safehold’s earnings call. On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer; Brett Asnas, Chief Financial Officer; and Tim Doherty, Chief Investment Officer.

This morning, we plan to walk through a presentation that details our third quarter 2024 results. The presentation can be found on our website at safeholdinc.com by clicking on the Investors' link.

There will be a replay of this conference call beginning at 2:00 P.M. Eastern Time today. The dial-in for the replay is 877-481-4010 with a confirmation code of 51479. In order to accommodate all those who want to ask questions, we ask that participants limit themselves to two questions during Q&A. If you’d like to ask additional questions, you may re-enter the queue.

Before I turn the call over to Jay, I'd like to remind everyone that statements in this earnings call, which are not historical facts, may be forward-looking. Our actual results may differ materially from these forward-looking statements and the risk factors that could cause these differences are detailed in our SEC reports. Safehold disclaims any intent or obligation to update these forward-looking statements except as expressly required by law.

Now, with that, I’d like to turn it over to Chairman and CEO, Jay Sugarman. Jay?

Jay Sugarman

Thanks Pearse and thanks to all of you for joining us today. The third quarter saw steady investment activity, including the purchase of minority ownership interest held by our sovereign wealth JV partner and many smaller multifamily ground leases previously originated by Safehold.

While it makes more sense for Safehold to own 100% of these smaller ground lease deals, we continue to work with our JV partner on larger transactions where the investment size is more appropriate for the JV. That purchase, along with several other transactions closed in the quarter, were executed at attractive yields, generally done at the higher end of our targeted ROAs and at solid GLTV levels.